MARKET UPDATE By: Joe Garcia, Broker Associate
TABLE OF CONTENTS Market Update ………………………Page 3 Mt. Crested Butte ………………....Page 4 Crested Butte …………………….….Page 5 Area Map ……………………………...Page 6
Happy Spring from Crested Butte! Springtime in the mountains is a unique time of year, where every morning people in the valley wake up contemplating skiing, snowmobiling, biking, hiking, fishing or even golf - all in the same day. Our ski season was exceptional and has continued this spring with over 80 inches of snow in March and April. The deep snow was a blessing for skiers this season and was also very significant for water in the Gunnison Basin. It brought much needed moisture for the area’s streams, rivers, and reservoirs; which in turn should make for a beautiful summer.
Upper Valley Statistics ….……….Page 7 Rural CB ………………………...……..Page 8 Crested Butte South………….…….Page 9 Luxury Home Market…….……....Page 10 Area News and Events...………...Page 11
The first quarter 2019 has closely mimicked last year with $37,483,700 in sales compared to $37,012,483 in 2018. There have been 60 transactions so far vs. 77 for the same period in 2018 so the average price is slightly higher. Residential inventory throughout the valley remains low with just 174 active residential listings North of Almont. Of these listings, 40 of them are over the $2mm mark. This creates a bit of a bottle neck in the luxury price range since only 8 properties over $2mm have sold since January 1, 2018.
Resort markets sell a discretionary real estate product; hence buyers want to feel good about the overall national economy. The economy is predicted to grow 2.4% through 2019 and the March jobs report showed a solid 196,000 new jobs created. Combined with a healthy stock market, these positive indicators should keep investors comfortable with Crested Butte as a wise place to invest their money.
With the ski area purchase by Vail, I feel the Mt. Crested Butte area provides the most value in our market - both for vacant land and residential properties. The ski area itself is in dire need of an upgrade - both to infrastructure and amenities. Vail, being a seasoned and experienced owner/operator, should be able to provide these needed upgrades and bring the Crested Butte ski area up to the standard of their other resorts. Their investment in the area will revitalize the town of Mt. Crested Butte, creating in a larger tax base and opportunity for development in and around the ski area that will result in a subsequent increase in adjacent property values.
With the melting snow and sunny days, we look forward to a successful and fun summer. If you are interested in property in the Crested Butte area, would like to discuss the market value of your current property, or would simply like to learn more about this great area, please stop in or call our Coldwell Banker Mountain Properties offices. Our experienced and professional agents and staff are happy to help. 2
MARKET UPDATE
Number of Properties Sold
Properties sold for
60
95%
77 in 2018
of list price
Average Sales Price
$624,728 $480,382 in 2018
Total Dollar Volume Sold
$37,483,700 2018: $37,012,483
Average Days on Market
178 266 in 2018
3
MT. CRESTED BUTTE Overall Mt. Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
4
5
25%
$1,149,500
$1,051,400
9%
List to Sold Price Ratio
94%
92%
2%
Days on Market
215
286
33%
$4,598,000
$5,257,000
14%
Number of Properties Sold
20 34 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$11,652,500 CONDOS & TOWNHOMES
2018: $15,280,000
Properties sold for
94% of list price
2018
2019
% Change
24
13
46%
$348,833
$457,346
31%
List to Sold Price Ratio
97%
96%
1%
Days on Market
227
124
45%
$8,372,000
$5,945,500
29%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$582,625
VACANT LAND 2018
2019
% Change
6
1
83%
$385,000
$275,000
29%
List to Sold Price Ratio
93%
100%
7%
Days on Market
445
134
70%
$2,310,000
$275,000
88%
$449,412 in 2018 Sold Listings
Average Days on Market
165 264 in 2018 4
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE Overall Crested Butte
SINGLE FAMILY HOMES 2018
2019
% Change
2
3
50%
$1,770,000
$1,303,333
26%
9
List to Sold Price Ratio
90%
94%
4%
7 in 2018
Days on Market
334
134
60%
$3,540,000
$3,910,000
10%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$9,197,000 CONDOS & TOWNHOMES
2018: $6,508,233
2018
2019
% Change
2
2
No Change
$590,185
$388,000
34%
List to Sold Price Ratio
90%
89%
1%
92%
Days on Market
107
49
54%
of list price
$1,180,370
$776,000
34%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$1,021,889
VACANT LAND 2018
2019
% Change
Sold Listings
—
1
—
Average Sales Price
$—
$1,125,000
—
List to Sold Price Ratio
—%
85%
—
Days on Market
—
189
—
119
Total Dollar Volume Sold
$—
$1,125,000
—
230 in 2018
$929,748 in 2018
Average Days on Market
5
AREA MAP
6
UPPER VALLEY STATISTICS
Dollar Volume by Area
Transactions by Area
Almont 4%
Almont 2% Mt. Crested Butte 33%
CB South 23%
Crested Butte 15%
Rural CB 27%
Mt. Crested Butte 31%
CB South 14%
Crested Butte 25%
Rural CB 26%
7
RURAL CRESTED BUTTE Overall Rural CB
SINGLE FAMILY HOMES 2018
2019
% Change
9
4
56%
$804,500
$1,006,250
25%
List to Sold Price Ratio
93%
97%
4%
Days on Market
188
228
21%
$7,240,500
$4,025,000
44%
Number of Properties Sold
16 26 in 2018
Total Dollar Volume Sold
Sold Listings Average Sales Price
Total Dollar Volume Sold
$9,686,800 CONDOS & TOWNHOMES
2018: $12,013,500
Properties sold for
97% of list price
2018
2019
% Change
1
1
No Change
$230,000
$318,000
38%
List to Sold Price Ratio
92%
97%
5%
Days on Market
278
140
50%
$230,000
$318,000
38%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Average Sales Price
$605,425
VACANT LAND 2018
2019
% Change
16
11
31%
$283,938
$485,800
71%
List to Sold Price Ratio
83%
98%
15%
Days on Market
276
225
18%
$4,543,000
$5,343,800
18%
$462,058 in 2018 Sold Listings
Average Days on Market
220 307 in 2018 8
Average Sales Price
Total Dollar Volume Sold
CRESTED BUTTE SOUTH Overall CB South
SINGLE FAMILY HOMES 2018
2019
% Change
4
5
25%
$580,000
$742,000
28%
14
List to Sold Price Ratio
96%
97%
1%
10 in 2018
Days on Market
193
190
2%
$2,320,000
$3,710,000
60%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Number of Properties Sold
Total Dollar Volume Sold
$5,297,400 CONDOS & TOWNHOMES
2018: $3,210,750
2018
2019
% Change
2
1
50%
$230,000
$260,000
13%
List to Sold Price Ratio
98%
94%
4%
97%
Days on Market
214
170
21%
of list price
$460,000
$260,000
43%
Sold Listings Average Sales Price
Total Dollar Volume Sold
Properties sold for
Average Sales Price
$378,386
VACANT LAND 2018
2019
% Change
4
8
100%
$107,688
$165,925
54%
List to Sold Price Ratio
92%
98%
6%
Days on Market
170
177
4%
181
$430,750
$1,327,300
208%
188 in 2018
Sold Listings Average Sales Price
Total Dollar Volume Sold
$321,076 in 2018
Average Days on Market
9
LUXURY HOME MARKET
1 Bifano Drive | Rural CB Sold for $1,900,000
20 Lexie Court | Rural CB Sold for $1,180,000
Listed by Coldwell Banker Mountain Properties Sold by Coldwell Banker Mountain Properties
Listed By Coldwell Banker Mountain Properties Sold by Crested Butte Sotheby’s
518 Ninth Street | Town of CB Offered at $5,000,000
594 County Road 4 | Rural CB Offered at $3,100,000
Listed By Coldwell Banker Mountain Properties
10
Listed by Coldwell Banker Mountain Properties
CRESTED BUTTE NEWS
Area News Highlights January—March 2019 January 9 — CBMR Plans to Replace Teocalli Lift for Next Ski Season January 23 — Cottonwood Pass Contractor Wants Highway Closed until June February 13 — ASC Completes Fundraising Campaign for New Kelsey Wright Building
February 13 — Mountain Express Looks at Cutting Out Judd Falls Trips February 19 — Several Local Rivers on List for Wild & Scenic Designations March 19 — Four Star Hotel in the Works for Nordic Inn March 20 — Developers Chosen for 108 Affordable Housing Units March 20 — USFS Looks Favorable on CBMR’s Area Expansion
Upcoming Events: April 28 May 25-27 June 8 June 30 July 4 July 5 July 9 July 11 August 2
Crested Butte Pole Pedal Paddle Race Memorial Day Sidewalk Sales Summer Opening Day—CBMR 17th Annual Black & White Ball Independence Day Celebrations Wildflower Festival Cattleman’s Days Tough Enough to Wear Pink Concert & Auction Cattleman’s Days Tough Enough to Wear Pink Rodeo Crested Butte Arts Festival 11
Photo: John Holder
We’ve got you covered! Visit one of our 3 local offices to explore the possibilities.
215 Elk Avenue (970) 349-5007 Crested Butte
121 W Virginia Avenue (970) 641-7055 Gunnison
CrestedButte.RealEstate
305 6th Street (970) 349-5313 Crested Butte